The leader of Labour MEPs said: “I’m not surprised there is a growing clamour, even from people who voted Leave, to say we want to be able to reconsider because Brexit’s turning out to be somewhat different from what was promised by the Leave campaign.

“Far from being in lots of money that would all go to the NHS, it’s costing an arm and a leg. Far from helping out economy, it is damaging it.

“Far from having easy new trade deals with the rest of the world that is looking rather dodgy and unlikely, or at least not on terms that would be beneficial to Britain.”

He added: “At this stage, the Labour party has not called for a second referendum because we’re still in the phase of discovering where the divided government is going. But the Labour movement hasn’t ruled it out either.”

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A Labour spokesman yesterday insisted a second referendum wasn’t party policy. He added: “We respect the result.”

Conservative Party chair Brandon Lewis said: “Labour are only interested in frustrating Brexit.

"The fact such a senior Labour figure is openly speculating about reversing Brexit entirely shows they do not respect the referendum result, and they couldn’t deliver the change British people voted for.”